As the pandemic continues to weigh on the economy, commercial office prices have dropped 5.9% in the 4th quarter of 2023. This decline has been attributed to asset repricing pressure and is evident from the recent sale of Jalan Loyang Besar Residences
URA’s quarterly report on Jan 25 showed that Singapore’s office property market ended 2023 on a subdued note. 2023 closed with a net decrease of 4.2% in office prices. Commercial office prices for 4Q2023 dropped 5.9% q-o-q, reversing the 0.8% q-o-q uptick in 3Q2023. “JLL had started to observe weakening occupier demand as early as […]